Industry

Zhongsheng acquires 70% stake in Carlsson Autotechnik

Chinese dealer group Zhongsheng has purchased a majority share in German Mercedes-Benz tuner Carlsson, with plans to expand bespoke luxury offerings for China’s high-end market.

Marchionne awarded €31.3m for 2014 FCA merger success

Fiat Chrysler Automobiles chief Sergio Marchionne received €31.3 million in 2014, including a €24.7 million bonus for leading the Fiat-Chrysler merger, according to the company's annual report.

Ford boosts purchases from minority and smaller suppliers

In 2013, Ford spent $6.5 billion with minority-owned suppliers, surpassing its internal target and highlighting a shift in its global sourcing strategy.

PSA Peugeot Citroën to Cut Another 1,500 Jobs in France

The French carmaker is preparing further redundancies on top of 11,200 previously announced, as overcapacity and weak demand continue to pressure its domestic operations.

BMW’s Munich Plant Shift Bolsters Global Output Amid European Dip

BMW is investing €650 million to convert its Munich plant to electric-only production by 2027, using its global network to maintain output as European demand softens.

Geely Seals Deal for Proton and Full Control of Lotus

Chinese group Zhejiang Geely Holding has acquired a 49.9% stake in Proton and full ownership of Lotus Cars, marking a major shift for the British sports car maker.

Automakers Hike UK Prices After Brexit Hits Pound

Ford, Vauxhall, Nissan and Peugeot have raised UK car prices by up to two percent as the pound’s post-Brexit slump increases costs for manufacturers.

Daimler Q2 2016 earnings beat expectations despite recall costs

Daimler posted €3.97bn in adjusted EBIT for Q2 2016, outpacing forecasts even as recall and legal costs weighed on results, with vans and financial services driving gains.

Romania in Talks With Global Carmakers for Third Vehicle Plant

Romania’s government is negotiating with two major automakers, one European and one non-European, over plans for a new car manufacturing facility in the country.

Takata CEO Shigehisa Takada to resign after new investor found

Takata chief executive Shigehisa Takada has said he will step down once the company secures new investment, as the airbag safety crisis continues to threaten the supplier's future.

Volkswagen Agrees $15.7bn Settlement with US Regulators over Diesel Scandal

VW will spend up to $10 billion on buybacks and fixes for 475,000 diesel cars and fund environmental projects as part of a record US settlement.

China weighs easing foreign carmaker joint venture rules

Beijing is considering changes to its longstanding policy that restricts foreign automakers to minority stakes in Chinese joint ventures, a move that could reshape competition in the world’s largest car market.

Mitsubishi projects $2bn annual loss after fuel economy scandal

Mitsubishi expects a 100 billion yen extraordinary loss and a sharp fall in domestic sales for the 2016 financial year following its fuel economy data manipulation.

Jaguar Land Rover opens first wholly-owned plant outside UK in Brazil

Jaguar Land Rover has opened a new factory in Itatiaia, Brazil, to build the Range Rover Evoque and Discovery Sport for the local market amid challenging economic conditions.

Saudi Prince Alwaleed Invests $500 Million in General Motors IPO

Prince Alwaleed bin Talal’s Kingdom Holding took a 1% stake in GM during its 2010 public offering, citing global brand strength and growth potential in emerging markets.

German Prosecutors Probe Volkswagen Over Alleged Data Deletion in Diesel Scandal

Authorities in Germany have launched an inquiry into claims that Volkswagen employees deleted sensitive internal data around the time the diesel emissions cheating became public in September 2015.

Volkswagen Opens Talks With Unions on Streamlining After Dieselgate Losses

Volkswagen has begun negotiations with German labour unions to develop a cost-cutting and restructuring plan following record losses from the diesel emissions scandal.

Jaguar Land Rover files suit in China over Landwind X7 Evoque copy

Jaguar Land Rover has launched legal action against Jiangling Motor in Beijing, accusing the Chinese firm of copying the Range Rover Evoque with its Landwind X7 SUV.

Suzuki and Mitsubishi Only Carmakers Implicated in Japanese Fuel Economy Test Irregularities

Japan's transport ministry says only Suzuki and Mitsubishi have so far submitted improper fuel economy data, following a nationwide audit triggered by the Mitsubishi scandal.

Mitsubishi to Offer Compensation After Fuel Economy Scandal

Mitsubishi will compensate Japanese mini-car owners affected by manipulated fuel economy figures, with Nissan customers also covered as part of the arrangement.

Tesla accelerates target to 500,000 cars by 2018

Tesla has advanced its production goal by two years, now aiming to build 500,000 vehicles in 2018, driven by strong demand for the Model 3.

Porsche R&D chief Wolfgang Hatz steps down after suspension

Wolfgang Hatz has resigned as Porsche’s research and development boss following months of suspension, with Michael Steiner named as his immediate successor.

Mercedes aims to surpass BMW and Audi in China by 2020

Mercedes-Benz targets the top spot in China's luxury car market by 2020, after rapid sales growth narrows the gap to BMW and Audi.

Future Mobility recruits BMW i executives for China EV push

Future Mobility, backed by Tencent and Foxconn, has hired key former BMW i managers as it prepares to accelerate electric vehicle development in China.